SpaceX has not gone public yet, so why has Gate Pre-IPOs opened SPCX subscriptions early?

The most important global capital market IPO event of 2026 is entering its final sprint. SpaceX has officially submitted its S-1 registration statement to the U.S. SEC, planning to list on Nasdaq on June 12, with the stock ticker SPCX. However, more than two weeks before the official listing, Gate’s Pre-IPO zone has already opened SPCX subscriptions in advance, and on May 22, completed a 1:5 share split.

SpaceX is not yet listed, so why can Gate open subscriptions early? Why did this split happen, and what impact does it have on investors? Behind this are the interactions between SpaceX’s official stock split plan and Gate’s Pre-IPO mirror note mechanism. This article will analyze in depth.

Why is SpaceX so “hot”? The largest IPO in history enters countdown

The scale of SpaceX’s upcoming IPO will set a new global record. According to the prospectus, the company plans to raise between $70 billion and $80 billion, with a target valuation range of $1.75 trillion to $2 trillion.

The listed entity has completed a merger with xAI, dividing its business into three main sectors: Space (aerospace), Connectivity, and Artificial Intelligence (AI). In 2025, Starlink contributed approximately $11.4 billion in revenue, about 61% of total income. Launch services generated about $4.4 billion. The AI business showed strong growth, with xAI’s revenue reaching $818 million in the first quarter of 2026.

Financially, SpaceX has transitioned from a single rocket company to a “rocket + satellite internet + AI infrastructure” integrated platform. This is the core logic behind the capital market’s willingness to assign it a trillion-dollar valuation premium.

What exactly is Gate’s Pre-IPO mechanism?

Gate Pre-IPO is a digital subscription framework that allows eligible retail investors to gain early exposure to high-value private companies before they go public, breaking the traditional Pre-IPO minimum threshold of several million dollars and the qualified investor restrictions.

Core parameters of SPCX (after split)

• Token symbol: SPCX
• Subscription price (before split): $590
• Subscription price (after split): $118
• Total subscription: 33,900 SPCX
• Implied market cap: about $1.4 trillion
• Minimum participation: 100 USDT
• Subscription period: April 20–22, 2026
• Pre-market spot price (as of May 26): $189.90

With just 100 USDT, investors can participate, equivalent to about 0.17 units of SPCX (pre-split), or about 0.85 units post-split, providing retail investors with a very low capital threshold to participate in top unicorns.

Product essence: Mirror Note (Mirror Ticket)

SPCX is not SpaceX stock. The SPCX subscribed on Gate is essentially a mirror note—Gate hedges by holding SpaceX equity or derivatives off-chain, then issues SPCX tokens to reflect its value. Holders have economic rights to gains and can track SpaceX’s valuation fluctuations, but do not have voting rights or dividends.

SpaceX’s official 1:5 stock split: a key step to lower retail participation barriers

In mid-May 2026, SpaceX’s shareholders’ meeting approved the board’s proposed 1:5 stock split plan. Insiders revealed that after the split, SpaceX’s per-share fair value dropped from $526.59 to about $105.32. The move aims to lower the per-share purchase cost for investors during the IPO, enabling more small and medium investors to participate in this historic listing.

Gate synchronously executes SPCX share split

Gate strictly follows SpaceX’s official 1:5 split plan, completing the split of SPCX asset certificates on May 22, and on the same day resumed pre-market trading at 14:00 (UTC+8). Key points of execution include:

• Automatic increase in holdings: The number of SPCX asset certificates in user accounts has been split 1:5, automatically increasing fivefold.
• Price adjustment: The starting price after trading resumes is adjusted to one-fifth of the pre-split price. Without considering market fluctuations, the total net asset value of SPCX holdings remains exactly the same before and after the split.
• Only share split involved: This change only involves the splitting of SPCX asset certificates, with no blockchain asset replacement or migration, ensuring user asset safety.

Market performance after split

Post-split pre-market spot prices surged. As of May 27, 2026, the highest pre-market spot price reached $189.90, a 60.93% increase.

The split has a dual effect: on one hand, the lower unit price significantly reduces the entry barrier for new participants, helping attract broader liquidity into the pre-market; on the other hand, the pre-market is experiencing emotional and liquidity resonance, with SpaceX’s official IPO still two weeks away, leaving ample observation time for investors.

Latest developments in 2026: key timeline

Below are the core timeline points for SpaceX’s IPO process:

• Early May: SpaceX shareholders’ meeting approves 1:5 stock split
• May 20: Prospectus officially disclosed
• May 22: Gate completes SPCX 1:5 share split, resumes pre-market trading, and launches SPCX USDT perpetual contracts supporting 1–10x leverage
• June 4: IPO roadshow expected to start
• June 11: Expected price determination
• June 12: SpaceX plans to list on Nasdaq

Polymarket’s prediction market shows a 71% probability that SpaceX’s market cap will exceed $2 trillion on its first day, with a maximum valuation possibly reaching $2.5 trillion.

The crypto market has already priced in SpaceX early

Beyond Gate, multiple crypto platforms have launched SpaceX-related Pre-IPO derivative products. Hyperliquid launched the first SPCX synthetic perpetual contract on May 18, with a reference price of $150, corresponding to a valuation of about $1.78 trillion, with a first-day trading volume of $33 million. Bitget launched SpaceX Pre-IPO perpetual contracts on May 22. OKX and Binance have also introduced similar products.

Multiple platforms launched products around the same target, indicating that the crypto world’s willingness to participate in traditional top-tier Pre-IPO valuation is shifting from exploration to institutionalization.

Common misconceptions and risk warnings

When considering participation in Pre-IPO investments, three core risks should be noted:

• SPCX ≠ SpaceX stock: The rights to returns from mirror notes do not equal equity, lacking voting and dividend rights due to structural differences.
• Valuation premium should be viewed rationally: The subscription price after split is about $118, but pre-market prices have already risen to about $190, implying a valuation far exceeding SpaceX’s official target of $1.75–2 trillion.
• Liquidity risk is real: SPCX can be traded at any time in the Pre-IPO zone, but if market enthusiasm wanes or listing is delayed, liquidity may become insufficient.

Summary

SpaceX is not yet listed, but Gate has opened SPCX subscriptions early and just completed a 1:5 share split synchronized with SpaceX’s official plan. Behind this is a true reflection of the accelerating integration between crypto markets and traditional capital markets.

From a product mechanism perspective, Pre-IPs are essentially democratizing high-value company valuations through mirror notes, breaking the traditional private market threshold of millions of dollars. As the first project to land, with a pre-split price of $590 and a post-split equivalent of $118, plus a minimum participation of 100 USDT, it offers ordinary investors an unprecedented participation path. Market enthusiasm since May 2026, with derivatives around SPCX launched on multiple platforms, indicates that crypto markets are becoming an important force in traditional Pre-IPO valuation—on-chain prices have led traditional investment banks’ target ranges at multiple points.

Of course, risks cannot be ignored. SPCX is not the same as SpaceX stock. The current pre-market price of $189.90 implies a valuation well above the official upper limit, and valuation premiums and liquidity issues require independent judgment.

Looking back from May 27, 2026, with only about two weeks left before SpaceX’s official landing on Nasdaq, the “pre-pricing” battle in the crypto market has already begun. With the smooth execution of the 1:5 split, SPCX has entered a new stage of “low price, high liquidity.” Whether Gate’s Pre-IPO path can withstand the final test remains to be seen. The answer is approaching.

FAQ

Q1: Can I still subscribe to SPCX now?

The initial subscription window for SPCX closed on April 22. But users can buy and sell SPCX on Gate Pre-IPO’s pre-market trading market. Pre-market trading is open 24/7, offering more flexible entry and exit.

Q2: What will happen to SPCX after SpaceX’s official listing?

After the IPO lock-up period ends, SPCX asset certificates will allow users to redeem or trade at real-time market prices via a dedicated page, enabling exit.

Q3: What was the subscription price before split? What has changed after?

Before the split, the subscription price was $590. After a 1:5 split, it is proportionally adjusted to $118. User holdings are automatically increased fivefold, with total net assets remaining unchanged.

Q4: Is SPCX the same as SpaceX stock?

No. SPCX is a mirror note (Mirror Note), a digital market tool built around IPO expectations. It is not official equity, does not have voting rights, and is not equivalent to IPO stock subscriptions.

Q5: Does SPCX have leverage?

SPCX itself does not have leverage; it is a spot asset certificate. However, Gate also launched SPCX USDT perpetual contracts supporting 1–10x leverage. These are separate products with different risk levels.